How to shape a welfarist agenda that ensures long-term, inclusive growth?

It is common now to decry the competitive welfarism that is a feature of recent Indian elections. The state elections conducted towards the end of last year were won by the Congress party after it promised to waive outstanding agricultural loans. In this year’s general elections, the ruling Bharatiya Janata Party hopes its direct transfer to farmers announced — against all precedent — in the interim Budget would help sway some rural voters. The Congress, meanwhile, has announced a minimum income guarantee scheme that is considerably more expansive — but also appears far.....